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and the ensuing crisis, you have to go back to the early 90s when fannie mae and freddie mac were under a little bit of pressure from congress because the the s&l crisis. congress was concerned maybe there were losses sitting in these mortgage finance giants that were caused by public, was a pirate. the republican at the government had started them, that they had private shareholders, said they were operating for profit. congress was concerned in these giant companies that wanted to make sure that they were overseen, the day were not going to require taxpayer bailouts. so we go back in time to 1991 when james johnson takes over as the head of fannie mae and he really takes this congressional urge or inferior and turns that on its head. because instead of having a regulator is tougher, instead of having higher capital cushions required at the company, instead of having a congress that was more vigilant and watchful for a taxpayer bailout, he turned all that on and what was created as a piece of legislation called the safety and soundness act that was virtually written by james johnson of fannie m
that raise questions about the financial soundness of fannie mae and freddie mac and i wrote the book that mark alluded to, a state of risk:will government sponsored enterprise be the ninth next financial crisis? fannie mae and freddie mac did not like that and they didn't like my book. >> and they didn't like you. >> and suddenly it became a little chilly and catherine england who at the time was head of regulatory affairs at cato invited me in out of the cold and said why don't you present when you have found and what is happening? came to a luncheon meeting such as this. there were a number of senior federal officials who had taken g f ts for granted and suddenly we were launched to sound the alarm and to reform the structure and oversight of government sponsored enterprises so i am very grateful to kato. unfortunately as peter wallace and has pointed out, our largest financial institutions today are like government sponsored enterprises. they benefit from the belief that government will bail out there-holders. shareholders may like high risk bets, particularly high leverage becaus
, or freddie mac $88.26 billilion. they are b based in mclean. no. 3, lockheed martin, $46 billion, with 123,000 employe. they b by farar have the largest employees in the list. >> once again, a government contract is a big player. th are bigmployers to general dynamimics lockheed, some of the biggest employers in the region. marriott is also one of the big employers. you have hotels and government contractors. what is interesting is who is on and who is off. >> who got kicked off thehe list of public companies? >> sallie mae is one of them. they moved. they are in delaware now. one of thehe trends is b big public companies going private. one was black brd, which is always a big deal as a public company in washington and they are now a privivate companyny. >> fannie mae and freddie mac are always a ltle controversial witcongress. quasi-private, quasi-public. let's go on to the largegest privately owned companies in the washington region. number one, landing the sweet ot, a candcompany bad in mcleanan $3030 billion in revenue only 340 in thmetro area. >> one of those notorious company'around
something about freddie mac and fannie mae. we were running the numbers and was mathematically certain that they were going to run. everybody in this business i would argue 15-year-old what say we met with congress and with wonderful people like chris dodd and barney frank. yet he wouldn't look at the facts. why did he obey? because he had a religious belief and affordable housing, and freddie and fannie were huge political contributors. there were contributors to the republican party and the biggest contributor to the democratic party. some of congress he dated and freddie and fannie sucked the housing market's down the tubes to give lots of bells and whistles but fundamentally we had a massiveness investment because the federal reserve printed too much money and it ended up in the housing market in freddie mac and fannie mae. there are lots of other things like the negative amortization mortgages and the issue of the derivatives market, which i really do cover in my book and would be glad to talk about in the q&a but i wanted to focus on something i think is more important. i want to
mean? >> it is more about housing finance. fannie mae and freddie mac went into conservative ship. not much has happened since 2008. it is time for the congress to look at this, this is the year we have the historic moons lineup. gerri: obama in his second term. you say politically it is a great time. what do you believe should happen? should we get fannie mae and freddie mac out of the business of supporting the housing market? >> this is a multi-trillion dollars market. to say to get them out of the business is an extreme concept. gerri: why? >> we have to change the way they operate. the public companies with government support is not a good idea. taxpayers have too much at risk. but you can wind down the portfolio and keep them in a utility kind of role, providing a guarantee this week or last week, the consumer financial protection board put out rules. gerri: we reported on that extensively. i wanted to ask you about something you just said. he said he can take out fannie mae or freddie mac but it seems to me if you don't, you run the same risk you had back in 2008 that alter
and said freddie mac and fannie mae at least half loans have to be in affordable lending. that was the dramatic announcement because of the size of fannie and freddie and they identified the risk involved in it and said fitted for a year so big that they cannot meet the goal without radically reducing menders -- lending standards and if they achieve that goal they will take so much risk that they could get into financial trouble and they are so vague they can take up the whole financial system. nine years later date of $5 trillion in had $2 trillion of some prime even before they failed they were leveraged 1,000 / one. like a net worth of $10,000 and can borrow to million. you can only do that if the government guarantees your debt. this is under estimated. the dominant player with half of the market share driving down lending standards to suck everybody into that whole. and withhold industry with half of said dictate but politics played a huge role. and that the largest banks in the u.s. we were running the numbers it was mathematically certain fenian freddie we're going
100 millones millones a fany mae y compensarla por las hipotecas basura, fany mae y freddie mac acusaron de dar crÉditos a personas que no tenÍan los requisitos. >>> y 10 de los mayores bancos de estados unidos acordaron pagar 8500 millones de dÓlares por supuestos abuso de embargos, se le acusa de quitarle las casas a las gentes, entre los acusados estÁn banco of amÉrica, wels fargo. >>> y 6 semanas luego de una infecciÓn continÚa en el hospital george bush padre. estuvo viendo fÚtbol colegial sin problemas dijeron sus voceros. >>> seguramente vera esta noche el campeonato nacional. >>> gracias jorge. y en la ediciÓn nocturna 18 mil millones de dÓlares es el monto invertido en el presupuesto de las agencias federales dedicadas a la agencias de inmigraciÓn es mÁs de lo que gasta todas ellos agencias de la lucha contra el crimen juntas. >>> y connecticut emitira licencias para indocumentados. y con esto y mÁs los esperamos en la ediciÓn nocturna. >>> increÍble, para hacerle... vas a tener que inventar esta noche algo para ver. >>> clinton regresa a trabajar y le re
by fannie mae and freddie mac. in the back we have these proposals and other materials we have produced on this subject. back to today. we have a terrific panel of experts. i am looking forward to hearing from them. raise your hands. he is the chairman of mortgage resolution partners, a firm using eminent domain and is in discussions with municipal governments across the country. prior to his work, he co-founded alternative asset firms. as well as the specialty financial reinsurer. congressman brad miller is a recently retired representative from north carolina in the 13th district. during his five terms, he served as a leading champion for consumers and the fight against predatory mortgage lending. todd is the executive director of the american securitization form, an association for other stakeholders that is supposed to call for using eminent domain for mortgages. previously, he was an associate at at mckey nelson where he worked on residential mortgage securitization. jim was previously the chief business of the sec at the national community reinvestment coalition. before that he se
to use the credit underwriting engines of freddie mac, fannie mae and the fha. a little curtailment in the jumbo space and a little more processing costs for lower down payment borrowers, but we're really not going to see great changes over the current underwriting we see today as a result of this rule but we'll also not see credit loosen as a result of this rule. >> i mean do, these rules, diana, contradict with the efforts to keep rates so low? >> well, they don't really contradict it, but there may be increase in mortgage rates because of this and specifically because of the limits on fees that are allowed to be charged to borrowers, putting 3% cap. not sure how that's all going to wash out when you get that to the real mortgage market, but it's interesting that the government is trying artificially to keep mortgage rates so low and you have federal regulators doing something that may actually push rates up a little bit. >> right. >> so david, what do you think about where -- where rates are going, right? there's so much talk about the fed pulling back on its quantitative easing,
around and sell the toxic loans to fannie mae and freddie mac. while bank of america reaped a windfall, fannie and freddie were stuck with huge losses and foreclosed properties. in another major settlement, bank of america and nine other major lenders have agreed to pay $8.5 billion to settle claims of wrongfully foreclosing on millions of american homeowners. the settlement covers a number of foreclosure abuses including flawed paperwork, robosigning, and wrongly modified loans. the settlement will end in and in a review of all foreclosures, meaning the banks could be avoiding billions of dollars in further penalties. diane thompson, a lawyer with the national consumer law center, criticized the deal, telling the associated press -- opposition activists in bahrain are vowing to continue protests despite the court's decision to uphold the prison terms of 13 top dissidents. the activists were sentenced by military court in 2011, eight of them to life behind bars after leading massive protests against bahrain's sunni monarchy. their terms were upheld by the top court on monday, ending 30
enterprises, fannie mae and freddie mac. there were taken into receivership at the beginning of the crisis because of the losses they suffered on mortgages and their low levels of capital. there's a pretty widespread agreement in washington that reform is needed for those institutions. the treasury has put out some alternative suggestions. other suggestions have been made by members of congress. so far, not much progress has been made. that is one pretty obvious area that needs to be addressed. i would say that the dodd-frank bill is very broad and has covered many of the major parts .f the financial system pr >> how do you respond to the people who question the constitutionality of the federal reserve and would like to severely weaken it, and members of congress who wish to audit the fed? >> i am not a lawyer. i do know article one, section -- never mind. [laughter] so far, no one has had a supreme court case. the fed performs a critical role of managing the monetary system. let me talk about the other issue, which is more substantive. their bills in congress that would "audit the fed." i
with fannie mae or freddie mac since bailing them out. they get an "f" on that. geithner really moved nowhere on trying to reconfigure our mortgage finance system. and they have had a lot of problems trying to push through their own efforts, for instance, to get people out of underwater mortgages or, get more refinancing done. they get an "f" on that particularly because they haven't even tried to put forward a plan that would reform fannie mae and freddie mac. melissa: like sheer exhaustion. >> by the way, fannie and freddie have been huge money losers for the government. melissa: talk to me about the debt ceiling debate. i feel like he haven't even really a part of that. >> he get as d there and i'll tell you why. the treasury's responsibility really is to have a contingency plan. this is a guy who steered the economy through all of these financial crisis. you know, you ought to have some kind of plan in place for dealing with the moment when we might hit the debt crisis. an inspector general looked at this last year and discovered that the treasury never put in place a contingency plan for
and freddie mac. will we see private capital come back and what we see the gsa do? connell: you had been outspoken over the last few years since the housing crisis about what the role of government should be and how government should get involved. what are your thoughts now? maybe housing has finally turned the corner. how do, we, the united states, handled the downturn? >> i will give you one example. freddie mac just came out with a recent study that the people who refinance their home had a less default rate. connell: we will not get that now. >> goldman sachs says 21 million people take advantage of low rates and save money on their mortgage. i still think there is room for it. i also think the government should work to normalize credit. unfortunately, the government is still in nine out of ten mortgages. connell: thanks a lot. appreciate it. stop being the stupid party. that is what louisiana governor bobby jindal has been saying. also, maybe, more importantly, he just wants to take a knife to federal spending. there is a new poll out that shows 58% of people who were polled opposed
put aside for the time being is the governments bonser to enterprises. fannie mae and freddie mac, which were taken into receivership at the beginning of the crisis, because of the losses they suffered cuts of low levels of capital. a pretty widespread agreement in washington that reform is needed. the dodd frank bell is broad and has covered major parts of the financial system. >> this is from an audience member. had he respond to the people who question the constitutionality of the federal reserve and would like to severely weaken it? had he respond to members of congress who wish to audit the fed? >> i am not a lawyer. the fed has been around for a century, and nobody has had a supreme court case. i am not owing to get into that issue. i think the fed performs the critical role of managing the monetary system, which is the power it that congress has to delegate. let me talk to the other issue, which i think is more substantive. as you know, there are bills in congress that would audit the fed. it sounds like something -- how could anybody object to it? don't you have to look an
of the fiscal year. mortgage rates are ticking up a bit from record lows. freddie mac says the average interest on 30-year fixed loan is 3.4%. up from 3.34% last week. stocks finished in positive territory today. the dow gained 81. the s&p 500 was up 11. nasdaq rose 16. here at home, there could be a quirky consequence to jack lew as new treasury secretary. we'll show you what that is later in the grapevine. up next no, tea party in boston. as flu hammers the bay state. meet the 5-passenger ford c-max hybrid. when you're carrying a lot of weight, c-max has a nice little trait, you see, c-max helps you load your freight, with its foot-activated lift gate. but that's not all you'll see, cause c-max also beats prius v, with better mpg. say hi to the all-new 47 combined mpg c-max hybrid. >> bret: the flu outbreak affecting much of the united states is jamming emergency rooms and keeping people from work and school. the map is amazing. massachusetts is feeling it now. correspondent molly line is in boston tonight. >> 700 cases of the flu compared to 70 this time last season, most are trying to deal
's baggage. he has more baggage than the airlines. freddie machelped cause the economic demise. $1.6 million. gingrich not only teamed up with nancy pelosi on global warming, but, together, they co-sponsored a bill that gave $60 million a year that supported a u.n. program for china. >> there's been a lot of discussion in my head about whether they actually work a general election. people have made up their mind. no ad is going to change their mind. but those ads out there -- >> primaries, they are deadly. and particularly in republican primaries, in that ad in particular, for newt gingrich, was devastating. because it hit -- it was the kitchen sink. it threw it all in there. >> what did it say about him? that you didn't like? >> it said he's an insider. he's a -- >> washington pal. >> yes, he even pals around with nancy pelosi. >> didn't you see those loving looks that they managed to work with the camera shot? >> real quick on that. the interesting thing, and i thought if i were to pivot it off of that caption of him and nancy together because that's what the people are looking for, that p
think fannie mae and freddie mac me to go away -- will you have to change the guidelines for eminent domain from -- like the case and rhode island -- are you going to change the guidelines to say we will take your homes because you cannot afford the mortgage, read develop another community -- develop another community -- will you change the laws for eminent domain? and two - how are you addressing the loss or does everybody have to be a homeowner? is it ok to beat a renter? be a renter? >> there was a piece of that that i wanted to speak to because you got at something i was alluding to earlier. if, in fact, the program does not require that the previous owner has the right to buy a home back, those properties, balloons could be purchased and the homeowners could be out of their homes. that was the concern i was racing. i thought that got your point about what if the government uses its authority to buy those loans and say by definition of this program you are upside down by x percentage and you cannot afford the loan so we purchased it and we will use your property for other purpose
record lows. freddie mac says the average rate dipped to 3.38% from 3.4% last week. the 30-year average of 3.6% in 2012 was the lowest annual average in 65 years. guys, cheaper mortgages are a major reason the housing market has been bouncing back. many economists believe the recovery was strengthened throughout the year. >> shartia brantley. thank you. >>> now to a house that, it had a mortgage, the monthly payment would be more than a million dollars. talk about a prime piece of real estate. the white house is worth nearly $300 million. zillow released its calculation of how much the white house would cost if it were on the market. this year, the house at 1600 pennsylvania avenue is valued at $294.9 million. that includes 55,000 square feet, 35 bathrooms, 16 bedrooms and 18 acres of prime real estate. zillow also calculated how much the obamas could get if they rented out the white house. that's about -- i'm choked up on this. $1.75 million for rent for the white house. >> a lot of money. president obama. >> couple islands. president obama and the first lady left the white house to ce
and freddie mac purchased 30 percent of the portfolio. that means low picus court. so they have been brewing this risk, giving its homeowners of canada for the loans. suddenly everyone goes to moscow, my gosh. those eu evil banks lend me money when i could not afford to repay it. we have to draw the line somewhere. gerri: and i have a question for you. one of the findings that the sec talked about in their conference call with reporters and others was that the number of people who are harmed financially by these loans, only six and a half% of the total. this is interesting because you would think that everybody who would be eligible for money who would get money would have been harmed financially. it seems that that is not the case of all. how do you respond to that? >> if you talk to the independent consultants out there that we have been talking to, they are telling guess is that they were just getting that information now, and they were finding wide spread abuses by these banks, but now they're stopping. the one time in really history where you do independent review where they are finding
chevy volt, fannie mae, freddie mac, all disasters, all costing the taxpayer. for more on this on crony capitalism, i'm joined by tim carney, senior political columnist by the "washington examiner" author of book, obama-nomics and how barack obama is bankrupting you and enriching his are corporate friends, wall street lobbyists. this is the perfect guest for this siggment. thanks for coming in. appreciate you being here. what can we look forward to in the next four years do you think when it comes to crony citalis >> barack obama will be pro-business in his own way, which is also pro-government. in other words he will be subsidizing industries he wants to succeed, regulating in a way that protects the biggest businesses in some industries and making sure that people don't make profits in ways that he doesn'want to succeed. you will see a lot more green energy stuff you saw in the stimulus bill and thathe tried to push forward in his climate change bill. he will generally see a lot of guys who hire the best lobbyists will get ahead because they will get the sort of big government favors
may be pushing mortgage rates even lower. average fixed year is.35%, that is according to freddie mac. that may not be the bottom. with me team invements president and founder. we appreciate you being here on a holiday evening. let me ask you very quickly. why would the fiscal cliff negotiations push mortgage rates down? i thought that was the federal reserve and all the money they're pumping into this economy? >> well, if they do not come to same kind of a conclusion and get us over this cliff the rates will stay down because people need to borrow. i read a thing today that said it is lower, your payment is lower to purchase a home today for $275,000 with 5% down, than it was in 1987 purchasing a home for $170,000. adam:bout are you seeing a correlation between the fiscal cliff and the chaos we've been reporting on for several months and the drop in mortgage rates? different than the way the federal reserve drives down interest rates? >> well they're going to keep the mortgage rates low as an incentive for buyer, period. but we'll see them tick up a little bit towards the middle and
viewers can be forgiven for not being able to keep track of it all. i know freddie mac -- the gses were off the table. they settled with freddie mac in 2011. but there was talk of a settlement, but that hasn't happened as of yet, correct? >> that is currently $8.5 billion settlement that has gone back to a judge. they're trying to figure out whether the ruling that was made was actually something that both sides can agree on. we're still waiting for a ruling there. $8.5 billion is what the previous settlement was. now, there's a question over whether it could be more than that, whether the judge will let that settlement go through. but if it is more than that, and if they do need to go back to the drawing board, that could be a long and winding road and the bank could end up reserving more for that. we don't think that will be something that's a big lingering question mark. that's something that the bank has already reserved for on the private side, david. >> got it. all right. kayla, thank you. >> the s&p rallying to levels we haven't seen since the financial crisis. with the new highs
and freddie mac undergirding most of the market now and we'll allow for a transition as congress and others consider how to reform those entities. >> warner: have you been able to quantify how many people today are getting mortgages though their total debt-- i'm thinking particularly student debt which didn't used to be a huge factor but is for a lot of young people now-- how many people are getting mortgages for that, say 50% total debt that just will be shut out now. >> so giving the criteria i've dried, not only the 43 debt ratio but the other provision we have crunched the numbers and it appears all of the existing mortgage market would be covered by this rule. so we don't think that we're going to be crimping lending and we don't mean to be and don't want to be crimping lending. we've drawn them real carefully to avoid that. with stronger consumer protections and clearer rules of the road that's good for lenders because they have more certainty they should be able to get more secondary market financing to support their lending. secondly, they don't have to compete against the reckless
. we worked on putting fannie mae and freddie mac to stop the lawsuits. george bush went to harry reid and nancy pelosi in december of 2007. he said the economy is slipping, i need a stimulus and they worked with him to give him the kind he can sign. then 2008, the terrible crisis and it was a very partisan thing in which the bush administration got more support from democrats and republicans in the final vote. then comes the election of barack obama and mitch mcconnell's announcement that his number one agenda item is to defeat president obama. we have, i think, a productive 2009 and 2010 and then in 2010, a group gets elected in the house, in particular, we don't believe in governance. not totally pessimistic. the way to go we've seen in the last three major issues in the house, a split within the republican party where main stream conservatives of the bob dole variety have aligned with the majority of democrats. they've been opposed by a majority of republicans in the house, but not of the whole house and speaker boehner, to his credit, has been allowing a coalition to come together
rows. freddie mac says the average rate on a 30-year fixed loan dipped to 3.38% from 3.4% last week. the 30-year average of 3.6% in 2012 was the lowest annual average in 65 years! cheaper mortgages, of course, where a major reason the housing market has been bouncing back and why many economists believe the recovery will strengthen this year. >>> and finally, sony's selling its u.s. headquarters at 550 madison avenue for $1.1 billion. the building was constructed in the early 1980's by at&t. sony bought the building in 1992 for just $236 million. back to you. >> thank you, jackie. keith? >>> president obama released his official inauguration play list featuring the artists scheduled for monday and a few of his personal favorites. the list includes stevie wonder, beian say, katy perry and lady ga gaga. the list is available on spotify.com. >>> and as thousands get ready to hit the dance floor for inaugural balls and parties remember, there's a certain etiquette. we have terry from dance sport along with his dance partner, alice williams. you're going to teach us how we should properl
at the 30-year fixed rate mortgage rising to its highest level in eight weeks. freddie mac reporting 3.4% from 3.34%. the 15-year rate rose to 2.66%. and the number of americans filing new applications for unemployment benefits rising by 4,000 to a total of 371,000. prior week's total was revised lower by 5,,000, splitting hairs quite a bit on the weekly readings, but the bottom line we're still trending toward improvement. ashley: we are hoe humming along. we've got john brady in the pits of the cme, david flyer and jack ablin, chief investment officer of bmo o private bank. let's begin with john at the cme. i guess the story has been china gave the markets a nice boost with much better economic data. has that been the big story? >> it is, it's the number one story. but likewise, too, we saw a tightening back today of european sovereign yield spreads over in europe, italy, spain and portugal specifically. that helped boost overnight markets and, of course, economic data here was relatively strong or at least continues to come in with better than expectations. so those three things com
on loans owned by fannie mae and freddie mac. and in the back we have these proposals and other materials we produced on the subject, also you can find them on the c.a.p. web site. today, we have a terrific panel of experts, and i'm looking forward to hearing from them and let me introduce them. steve gluckstern, the chairman of mortgage resolution partners, a firm that has developed proposals to reduce mortgage principle using emanant domain and is in discussions with me and municipal government across the country, prior to his work, he cofounded alternative asset manage. firms as a trust company llc and capital v partners, as well as the specialty financial rear re- insurance. congressman brad miller is a recently retired representative from north carolina's 13th 13th district. during his five terms as the house -- five terms in the house congressman miller was a leading champion for consumers in the fight against predator mortgage lending and bad servicing practices. tom deutsche is the executive director or the american securization forum. it is opposed the call for using eminent doma
on the federal housing agency to provide services to reduce principal loans owned by fannie mae and freddie mac. in the back we have these proposals and other materials reproduced on the subject. you can find them on the website. back to today. they've got a panel of experts on both sides of the issue and i'm looking forward to hearing from them. let me introduce them briefly. steve gluckstern is the chairman of each resolution partners, a firm developed proposal to reduce market principles using eminent domain and is in discussion with municipal governments across the country. prior to work with mrp, steve cofounded alternative asset range that firms is a trust company llc and z partners as well as the specialty financial reinsurer center. congressman brad miller is a recently retired representative from north carolina's 13th district. during this fight turns -- five terms in the house, congressman miller served as a leading champion for consumers in the fight against predatory mortgage lending and servicing practices. tom deutsch is the executive director of the american securitization forum,
with the too big to fail issue in an adequate way. we haven't dealt with fannie mae and freddie mac and the housing in an adequate way. we have too many regulators that are -- the system is too frag managemented and it's too poe lit sized. there's a lot of things we should have done ta dodd frank didn't do. i'm all in favor of very strong regulation, but we didn't get it with dodd-frank. i think with dodd-frank all we got was excessive and ineffective regulation and we haven't fixed our system. >> wa about the inof banker pay? is it structured in a way that creates problems and different vulnerabilities within the banking industry? would you reform it? and how so? >> i couldn't quite hear that question. we don't have a great connection the. >> sorry, bill. we apologize for all the issues. i lastly wanted to ask you about banker pay. compensation is in focus here. does it need to be reformed? if so, how? >> i think i heard you talking about compensation and the fact that we are not regulating it properly. and it's still too high. i don't know that i agree w that. i think we have made
through home mortgages that the banks have dumped on fannie mae and freddie mac. the worst is on the general motors, most jobs saved or not even in this country. you are looking at him dumping close to $30 billion on the tax payers. general motors was angry that because the american people on the stock, they could not give themselves big bonuses and drive private jets. he just sold off some of the stock, it allowed them to buy private jets again. he is looking at dumping the rest at a loss of $30 billion to the taxpayers. host: that was marlene from new jersey. i will not announce the name i in because i will miss it up. give us a call for the remaining time we have on this topic taking a look at timothy geithner's service. we had about 30 or so comments on the facebook page when the show started. probably more now. if you want to add on to that, facebook.com/cspan. stories from the paper this morning, "the new york daily news." that is from "the daily news." florida up next, warren on the democrats' line. caller: yes, i am very -- host: i'm going to ask you to stop listeni
was weighed down by foreclosure settlements and billions in charges related to dispute with freddie mac. citigroup also missed on earnings seeing growth year over year that was really light, but said legal expenses really hurt them in their bottom line. both stocks trading well to the down side. a situation going on at an oil field in nigeria. right now the u.k. is saying the nigerian army is trying to contain -- we understand the cos of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. charles: america's top military chiefs have spoken. they wrote a rare joint letter to the senate warning against military cuts. quote, from the current budgetary uncertainty we are at great risk -- >> fox news strategic analyst and an author, colonel ralph peters is joining us now. colonel peters, sequestration is going to be one of the big battles in washington
spot in the economy. the latest read on 30 year fixed rate mortgages from freddie mac, 3.53%. that's up. that's almost a 1% gain -- no it's not. it's not up 1% from last week. it's up from about 3.40 to 3.50. facebook continues to hover around the $30 mark, after releasing its earnings. facebook says it will spend more money. investors not keen on that. and facebook's at 30. gamers will not be too happy and neither will analysts as take two, the maker of the grand theft auto series took a plunge this morning. take two announcing it will delay the release of the latest game in the series. it was going to be this spring. it will now be in september. that stock is down 6%. don't like delays. we will be back in one moment with a brilliant ad on the super bowl. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. ♪ (tra
fixes to that legislation and reform of any mae, freddie mac and the at h a. the big thing is consumer protection agency which was created as part of dodd-frank, the president has renominated richard cordray as director of the agency, republicans blocked in protest over the way the agency was set up. the president resets -- recessed appointed him last january. he has nominated him once again to be the official head of that agency but crapo said they could block the nomination unless they get the changes of the agency. take a listen. >> our concerns are the agency has given all of its power to one individual, the director, no board, no commission and that needs to be corrected. secondly there is no congressional oversight once the directors put into place over the budget. there is not even any kind of requirement that the financing for that agency come from private sector funding work from the government. >> the funding comes out of the federal reserve. i also asked about jetblue who the president nominated as next treasury secretary. crapo met with him yesterday and said he hasn't made
-month high. according to freddie mac the average rate of 30-year mortgage is 3.42%. >>> a san francisco appellate court vacate ad jury verdict against mattel after mga entertainment was awarded $80 million in claims relating to those brats dolls. that's the latest from fox business, giving you the power to prosper tracy: please somebody tell us what parked the fire aboard a dreamliner in boston two weeks ago. federal investigators are holding a briefing right now and rich edson has the details. hey rich. >> don't know the reason and don't know when the planes will go back in the air. that is the bottom line from the briefing from the ntsb, the expectation is never to see a fire aboard a airplane and keg sans of these events can't be understated -- significance. the lithium eye on battery experienced a thermal runaway and a fire and they're trying to figure out exactly why. the federal aviation administration grounded all the 787 dreamliner after the battery caught fire. another failure forced an emergency landing of a tokyo bound flight. transportation secretary ray lahood said governme
all fannie mae, freddie mac, fha lending. it is not allowing some of the broader programs come back in a way that will probably be needed to bring full on liquidity to finance. cheryl: what is positive that could be happening? it looks like inventories are hitting lows. doesn't that tell you that prices and sales numbers will trend higher this year with rates at three-point, you know, 3.25%. free money. >> there is no question that these lower interest rates are spurring people to go buy a home. there is a consensus out there that as soon as we start to see solid economic numbers, cheryl, we will see interest rates go back up. it will not jump up, spike up a lot, i do not think they will let that happen. i think you will see, cheryl, that interest rates could come up quite a bit. there is some product. let's just hope that they do not mess it up by messing with somebody's lending programs. cheryl: washington does have a history of messing up a lot of stuff. it is great to have you, as always. thank you. >> good to be with you, cheryl. thank you. dennis: rick perry wants to make it e
rate from freddie mac. still unbelievably low. never expected to see 3.4. new at 10:00 new rules might make it tougher for you to buy a home. the consumer financial protection bureau will impose a range of restrictions on lenders including making sure borrowers will be able to afford their mortgage. that means the bank has to make sure that you can repay. they have to make sure you have a job, you have income, you got good credit, the onus is on the bank in the future. charles: this is the first time the government said this is what we call qualify loan. they are making that determination, total debt can't be above 43% of monthly income including mortgage. banks don't have to go this route but if they do they are 4 different protections from all the new rules they will be hit with this avalanche of the rules so anything that doesn't want to comply with this, more than likely will be taking a huge risk and also probably be charging exorbitant amount of fees from the borrowers and this hurts the lower end and ignores the realities of where we are in america with these households with a h
. according to freddie mac the average rate i of 3.4% comparedo the all-time record low of 3.31. the week of november 21. shares of supervalu are soaring led by cerberus capital management. the deals worth $3.3 billion includes 877 stores. that is latest from the fox business network giving you the power to prosper. dennis: every movie buff's favorite time of year, oscar season. nominations coming out this morning and leading the pack with 12 nominations is steven spielberg civil war saga "lincoln." how much do translate to wall street. we're joined by fox news dr. oscar. and senior analyst for s&p capital. let's start with you because i know you have an s. berge two obsession with this film. >> i have been doing oscar films for many years now. the best film has to be the snub toward ben affleck director nomination on "argo." who's donated golden globe, i thought he was a shoo-in next month for the oscars. this is a great injustice, i'm more upset than ben affleck. dennis: what about kathryn bigelow. i thought it was because hollywood feels like you endorsed torture, what do you think abo
at the dow, up 93 points. 13,604. >>> mortgage rates falling to near record lows again. according to freddie mac the average rate of a 30-year mortgage is now 3.38%, slightly above 3.31% reached in november. the lowest on record dating back to 1971. >>> former boston red sox record curt schilling blood stained sock he wore during the 2004 world series, that is up for auction. the sports director at heritage auctions telling the associated press, online bidding will start february 4th. the sock was on loan to the national baseball hall of fame. it is at heritage's dallas headquarters. it is expected to bring in $100,000. really? that is the latest from the fox business network, giving you the power to prosper melissa: a fluid ongoing situation as the bp oil facility in algeria. the white house condemned this terrorist attack as algerian officials attempt to regain control. lou dobbs is here with his take on this developing situation. >> we're waiting right now as you know for a press conference, a news conference from the state department. at this hour now we're talking about over 36 hours si
330,000, lowest level since january of 2008. on the housing front, the 30-year freddie mac mortgage rate rose to 3.42%. not exactly a looming mortgage rate. dow industrials up 73 points. apple made a record $13.8 billion profit in 13 weeks, that is bad news. apple after earnings fell flat, weaker than analysts expected. the stock is down nearly 10%, down $50. analysts were predicting a loss for netflix. they were totally wrong. netflix reported any million dollar profit. it added a couple million subscribers in america and the stock is going to the moon, 37% higher, 141. back in a moment with don peebles. stuart: a good friend of "varney and company," at environmentalist's limburg response to how president obama addressed climate change in his inauguration speech, quote, global warming is a problem that needs fixing but exaggeration doesn't help and often detracts -- distracts us from simple, cheaper and smarter solutions. he is an obama supporter and i want to know, the president pushed hard on climate change, a big issue for him. i think that might mean a carbon tax. what do you t
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